Treasury secretary Scott Bessent explained the market’s recent volatility this morning:
“The market and the economy have just become hooked, and we’ve become addicted to this government spending,” Bessent said. “There’s going to be a detox period.”
Thank goodness. We were worried it had something to do with the general chaos emanating from Washington: weakening economic conditions amidst high inflation (aka stagflation), the on again/off again tariffs, and the absolute cratering of America’s global reputation.
The futures were all over the map following this morning’s nonfarm payroll report. The unemployment rate ticked higher, even though the government layoffs haven’t even registered yet.
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